USDJPY Forecast:

The USDJPY failed to continued it’s bearish momentum yesterday. Instead of break below 94.35 support area, the pair was traded higher above 95.50, topped at 95.80 but closed a little bit lower at 95.40. The fact that the trendline still doing a good job preventing further bearish attack suggests that we might see further bullish correction. We know that the pair has been moving in range bound area since last week and still trapped between trendline resistance and tendline support as you can see on h4 chart below. Unless we have a break on either side, staying out from the market is the best thing to do now. Immediate resistance at 95.88. Break above that area should trigger further upside pressure testing the trendline resistance. Initial support at 94.35.